Shift in Foreign Trade Priorities

The imposition of unprecedented sanctions against Russia by the West, escalating into an aggressively unfriendly policy of the USA, Great Britain, the EU and their allies towards it, has a devastating impact not only on Russia, but also on the whole global economy. The strategy of its social and economic development, the tactics of foreign economic activity and the priorities of foreign trade are being rapidly reviewed. In these harsh conditions, it is important to foresee the degree of change in trade flows, to identify alternative markets for Russian products and the acquisition of necessary imports, i.e. to identify opportunities for expanding the existing and building new international economic relations in other regions of the world. This article analyzes the state of Russia’s foreign trade on the eve of the escalation of this situation, provides an expert assessment of the reduction in its imports and exports to the EU and the USA; an attempt is made to estimate the potential redirection of Russian trade flows towards Asian countries, primarily China and India, and large Latin American states - Brazil and Mexico.